Les Has the Utility Function U(x, Y)= (X + 1)(y

question 59

Essay

Les has the utility function U(x, y)= (x + 1)(y + 4).The price of y is $1.Les spends all of his income to buy 6 units of y and no x.What must the price of x be? Explain your answer and draw a diagram to illustrate it.

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Definitions:

Primary Caregivers

Individuals who take on the main role of providing care and ensuring the well-being of a child or dependent adult.

Attract Stimulus

A term used to describe a factor or element that draws or garners attention towards itself.

Shift Attention

The process of changing focus from one object or task to another, reflecting the flexible allocation of cognitive resources.

Self-control

The capacity to regulate one's thoughts, emotions, and behaviors in the face of temptations and impulses.